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v3.25.2

Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2025
Retirement Benefits [Abstract] |
Schedule of Funded Status and Amounts Recognized in the Balance Sheet | The following table presents, for the fiscal years noted, a summary of the changes in the projected benefit obligation, plan assets and funded status of the Company's pension plans:
(In millions) | 2025 |  |  |  | 2024 |  |  |  |
| Domestic | International |  |  |  | Domestic | International |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 125.9 |  | $ | 81.2 |  |  |  |  | $ | 123.8 |  | $ | 76.0 |  |  |  |  |
Interest cost | 2.7 |  | 4.3 |  |  |  |  | 6.1 |  | 4.1 |  |  |  |  |
Plan settlements | (123.5) |  | — |  |  |  |  | — |  | — |  |  |  |  |
Foreign exchange impact | — |  | 4.5 |  |  |  |  | — |  | 1.8 |  |  |  |  |
Actuarial loss (gain) (1) | (1.3) |  | (8.1) |  |  |  |  | 4.4 |  | 2.6 |  |  |  |  |
Benefits paid | (3.8) |  | (4.0) |  |  |  |  | (8.4) |  | (3.3) |  |  |  |  |
Benefit obligation at end of year | $ | — |  | $ | 77.9 |  |  |  |  | $ | 125.9 |  | $ | 81.2 |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 123.1 |  | $ | 89.3 |  |  |  |  | $ | 126.3 |  | $ | 84.4 |  |  |  |  |
Actual return on plan assets | 6.0 |  | (3.2) |  |  |  |  | 5.7 |  | 4.5 |  |  |  |  |
Foreign exchange impact | — |  | 4.9 |  |  |  |  | — |  | 2.0 |  |  |  |  |
Employer contributions | — |  | 0.3 |  |  |  |  | 0.1 |  | 1.7 |  |  |  |  |
Asset reversion | (0.6) |  | — |  |  |  |  | — |  | — |  |  |  |  |
Plan settlements | (123.5) |  | — |  |  |  |  | — |  | — |  |  |  |  |
Actual expenses paid | (1.2) |  | — |  |  |  |  | (0.6) |  | — |  |  |  |  |
Benefits paid | (3.8) |  | (4.0) |  |  |  |  | (8.4) |  | (3.3) |  |  |  |  |
Fair value of plan assets at end of year | $ | — |  | $ | 87.3 |  |  |  |  | $ | 123.1 |  | $ | 89.3 |  |  |  |  |
Funded status: |  |  |  |  |  |  |  |  |  |  |
Over (under) funded status at end of year | $ | — |  | $ | 9.4 |  |  |  |  | $ | (2.8) |  | $ | 8.1 |  |  |  |  |
Components of the amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Current assets | $ | — |  | $ | — |  |  |  |  | $ | — |  | $ | — |  |  |  |  |
Non-current assets | $ | — |  | $ | 9.4 |  |  |  |  | $ | — |  | $ | 8.1 |  |  |  |  |
Current liabilities | $ | — |  | $ | — |  |  |  |  | $ | — |  | $ | — |  |  |  |  |
Non-current liabilities | $ | — |  | $ | — |  |  |  |  | $ | 2.8 |  | $ | — |  |  |  |  |
Components of the amounts recognized in Accumulated other comprehensive loss before the effect of income taxes:
Prior service cost | $ | — |  | $ | 0.3 |  |  |  |  | $ | — |  | $ | 0.4 |  |  |  |  |
Unrecognized net actuarial loss (gain) | — |  | 31.1 |  |  |  |  | 3.5 |  | 29.2 |  |  |  |  |
Accumulated other comprehensive loss (gain) | $ | — |  | $ | 31.4 |  |  |  |  | $ | 3.5 |  | $ | 29.6 |  |  |  |  |
(1) In fiscal 2025 and 2024, the net actuarial loss (gain) includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as the weighted-average discount rate.
Schedule of Net Benefit Costs | The following table is a summary of the annual cost (income) related to the Company's pension plans:
Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income (Loss): |  |  |  |  |  |
(In millions) | 2025 |  | 2024 |  | 2023 |  |  |  |  |  |
| Domestic | International |  | Domestic | International |  | Domestic | International |  |  |  |  |  |
Service cost | $ | 0.9 |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  |  |  |  |  |
Interest cost | 2.7 |  | 4.3 |  |  | 6.1 |  | 4.1 |  |  | 6.1 |  | 3.1 |  |  |  |  |  |  |
Expected return on plan assets | (2.0) |  | (5.7) |  |  | (9.1) |  | (5.0) |  |  | (8.3) |  | (4.7) |  |  |  |  |  |  |
Pension plan termination gain | (1.5) |  | — |  |  | — |  | — |  |  | — |  | — |  |  |  |  |  |  |
Expected administrative expenses | — |  | — |  |  | 0.7 |  | — |  |  | 0.6 |  | — |  |  |  |  |  |  |
Settlement related expenses | — |  | — |  |  | — |  | — |  |  | (0.6) |  | — |  |  |  |  |  |  |
Amortization of prior service cost | — |  | 0.1 |  |  | — |  | 0.1 |  |  | — |  | 0.1 |  |  |  |  |  |  |
Amortization of net (gain) loss | — |  | 0.6 |  |  | (0.1) |  | — |  |  | (0.1) |  | 2.2 |  |  |  |  |  |  |
Net periodic benefit (income) cost | $ | 0.1 |  | $ | (0.7) |  |  | $ | (2.4) |  | $ | (0.8) |  |  | $ | (2.3) |  | $ | 0.7 |  |  |  |  |  |  |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): |  |  |  |
(In millions) | 2025 |  | 2024 |  |  |  |
| Domestic | International |  | Domestic | International |  |  |  |
Net actuarial loss (gain) | $ | (4.1) |  | $ | 0.9 |  |  | $ | 7.8 |  | $ | 3.1 |  |  |  |  |
Net amortization | — |  | (0.7) |  |  | 0.1 |  | (0.1) |  |  |  |  |
Pension plan termination gain | 1.5 |  | — |  |  | — |  | — |  |  |  |  |
Effect of exchange rates | — |  | — |  |  | — |  | 0.7 |  |  |  |  |
Total recognized in other comprehensive loss | $ | (2.6) |  | $ | 0.2 |  |  | $ | 7.9 |  | $ | 3.7 |  |  |  |  |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company's pension plans are as follows:
Weighted-average assumptions used in the determination of net periodic benefit cost:
(Percentages) |  |  | 2025 |  |  |  | 2024 |  |  |  | 2023
|  |  | Domestic | International |  |  |  | Domestic | International |  |  |  | Domestic | International
Discount rate(1) |  |  | 5.10 |  | 5.18 |  |  |  |  | 5.17 |  | 5.34 |  |  |  |  | varies | 3.33 |
Compensation increase rate |  |  | N/A | 3.15 |  |  |  |  | N/A | 3.00 |  |  |  |  | N/A | 4.45 |
Expected return on plan assets |  |  | 4.46 |  | 5.40 |  |  |  |  | 6.80 |  | 4.80 |  |  |  |  | 6.80 |  | 4.80 |
(1) Due to settlement activity during FYE 2023 in the domestic plan, there were two remeasurements as of 3/4/2023 and 6/3/2023. The discount rate for beginning of period in fiscal 2023 is 4.40% and 5.18%, respectively.
Weighted-average assumptions used in the determination of the projected benefit obligations:
Discount rate |  |  | N/A | 5.82 |  |  |  |  | 5.10 |  | 5.18 |  |  |  |  | 5.17 |  | 5.34 |
Compensation increase rate |  |  | N/A | 2.80 |  |  |  |  | N/A | 3.15 |  |  |  |  | N/A | 3.00 |
Schedule of Fair Value and Allocation of Plan Assets | The target asset allocation at the end of fiscal 2025 and asset categories for the Company's pension plans for fiscal 2025 and 2024 are as follows:
| Targeted Asset Allocation Percentage
Asset Category | 2025 |  | 2024
Domestic |  | International |  | Domestic |  | International
Fixed income | —% |  | 74% |  | 61% |  | 76%
Cash | —% |  | 1% |  | 39% |  | 1%
Common collective trusts | —% |  | 25% |  | —% |  | 23%
Total | —% |  | 100% |  | 100% |  | 100%
| Percentage of Plan Assets at Year End
| 2025 |  | 2024
| Domestic |  | International |  | Domestic |  | International
Fixed income | —% |  | 63% |  | 61% |  | 69%
Cash | —% |  | 12% |  | 39% |  | 9%
Common collective trusts | —% |  | 25% |  | —% |  | 22%
Total | —% |  | 100% |  | 100% |  | 100%
|  |  | May 31, 2025
(In millions) |  |  | Domestic
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government securities |  |  | — |  |  | — |  |  | — |
Corporate bonds |  |  | — |  |  | — |  |  | — |
Common collective trusts-balanced |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  |  | May 31, 2025
(In millions) |  |  | International
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 10.3 |  |  | $ | — |  |  | $ | 10.3 |
Foreign government obligations |  |  | — |  |  | 54.8 |  |  | 54.8 |
Common collective trusts-balanced |  |  | — |  |  | 22.2 |  |  | 22.2 |
Total |  |  | $ | 10.3 |  |  | $ | 77.0 |  |  | $ | 87.3 |
|  |  | June 1, 2024
(In millions) |  |  | Domestic
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 47.5 |  |  | $ | — |  |  | $ | 47.5 |
U.S. government securities |  |  | — |  |  | 10.0 |  |  | 10.0 |
Corporate bonds |  |  | — |  |  | 65.6 |  |  | 65.6 |
Common collective trusts-balanced |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 47.5 |  |  | $ | 75.6 |  |  | $ | 123.1 |
|  |  | June 1, 2024
(In millions) |  |  | International
Asset Category |  |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | 8.3 |
Foreign government obligations |  |  | — |  |  | 61.4 |  |  | 61.4 |
Common collective trusts-balanced |  |  | — |  |  | 19.6 |  |  | 19.6 |
Total |  |  | $ | 8.3 |  |  | $ | 81.0 |  |  | $ | 89.3 |
Schedule of Expected Benefit Payments | The following represents a summary of the benefits expected to be paid by the plan in future fiscal years. These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at May 31, 2025.
(In millions) |  |  |  | Pension Benefits |  |
2026 |  |  |  | $ | 3.3 |  |  |
2027 |  |  |  | $ | 5.5 |  |  |
2028 |  |  |  | $ | 4.2 |  |  |
2029 |  |  |  | $ | 4.8 |  |  |
2030 |  |  |  | $ | 5.3 |  |  |
2030 - 2034 |  |  |  | $ | 27.7 |  |  |

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